Key Metrics of Bagmane Constructions Private Limited
About Bagmane Constructions Private Limited
Sectors
Company details
- Registered office
- 5th Floor Block B, Bagmane Tech Park C V Raman Nagar, Byrasandra, Karnataka, Bangalore, 560093
Operational Areas of Bagmane Constructions Private Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Oct 2026 | ICRA | Reaffirmed | AA | — | Stable | ₹2,500 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Established market position of Bagmane Group
BCPL is a subsidiary of the Bagmane Group, which is an established developer in Bengaluru’s commercial real estate and has developed and leased around 30 msf of office space as of September 2026.
+ High occupancy in leased assets with strong tenant profile
The company’s committed occupancy levels for completed portfolio of 5.7 msf is 100% as of March 2026 (97% as of May 2025) and is expected to remain strong in the medium term, supported by favourable location and superior quality of the assets.
+ Comfortable debt protection metrics
BCPL’s office space portfolio has garnered an estimated rental income of ~Rs. 760 crore in FY2026, which is expected to further improve to Rs. 900-950 crore in FY2028, aided by rental generation from the newly constructed leasable area along with timely rental escalations.
Credit challenges
− Exposed to high geographical and tenant concentration risks
BCPL remains exposed to high geographical and tenant concentration risks, with the entire commercial portfolio concentrated in Bengaluru and the top five tenants occupying ~70% of the leased area contributing ~69% to the annual rental income as of March 2026.
− Vulnerable to cyclicality and changes in interest rates
The company remains exposed to the inherent cyclicality in the real estate industry and vulnerability to adverse macroeconomic and external conditions, which could impact the tenant’s business risk profile.
Could lead to an upgrade
ICRA could upgrade BCPL's rating if the company is able to successfully diversify operations along with a significant increase in its scale of operations while maintaining low leverage levels and strong debt coverage metrics.
Could lead to a downgrade
Pressure on BCPL’s rating could arise if there is a significant delay in leasing tie-ups in the upcoming commercial projects, leading to slower-than-expected ramp-up in rentals. Specific credit metrics that could lead to a downgrade of BCPL’s rating includegross external debt to net operating income increasing above 4.0 times on a sustained basis. The rating will also be sensitive to the deterioration of the credit profile of the parent and weakening of financial linkages with its parent company.
Agency-reported financials (ICRA, 12 Oct 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income (OI) | ₹447 Cr | ₹634 Cr |
| PAT | ₹56.10 Cr | ₹114 Cr |
| OPBDIT/OI | 66.3% | 76.8% |
| PAT/OI | 12.5% | 17.9% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.10× |
| Total debt/OPBDITA (times) | 10.50× | 6.80× |
| Interest coverage (times) | 2.00× | 1.80× |
| Revenue growth (YoY) | — | 41.9% |
| EBITDA (margin × income) | ₹296 Cr | ₹487 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3,110 Cr | ₹3,311 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹148 Cr | ₹271 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loans | Term loans | ₹1,297 Cr | ₹2,138 Cr | 64.8% | AA (Stable) | Reaffirmed | ICRA |
| Long-term – Unallocated Limits | Working capital & bank lines | ₹1,203 Cr | ₹362 Cr | −69.9% | AA (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loans @ FY | Term loans | — | — | 31 Mar 2041 | ₹2,138 Cr | AA | Outstanding |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 56% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 56% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 1.8×
- ₹362 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity position is Adequate with free cash and cash equivalents of Rs. 48.6 crore on a consolidated basis as of March 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Bagmane Constructions Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.